Business

ADB to support Fiji’s private sector development

September 12, 2019 6:00 am

The Asian Development Bank has approved a $65 million policy-based loan to fund a program that will help the Fijian Government.

This will assist the Government create an environment where the private sector can thrive and drive economic growth through investment.

ADB’s Principal Public Management Specialist for the Pacific, Pamela Wyatt says the Fijian government is implementing a comprehensive reform program, improving the management of public finances, strengthening the performance of state-owned enterprises and opening up opportunities for private investment.

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The ADB support will also include technical assistance.

Reforms supported through the Sustained Private Sector-Led Growth Reform Program includes the drafting of the Public Enterprises Act 2019, which was passed by Fiji’s parliament in May this year.

The legislation is expected to strengthen SOEs’ governance, transparency, and accountability.

To boost foreign investment and trade, new legislation on international arbitration has come into force, and the government is strengthening its policies on investment and competition, with support from development partners.

The program supports the implementation of the government’s reform agenda and the National Development Plan.

It was developed in partnership with the World Bank and the Government of New Zealand, which also provided budget support to Fiji.

Program actions were achieved with technical assistance from ADB, co-financed by the governments of Australia and New Zealand, and from the International Monetary Fund’s Pacific Financial Technical Assistance Centre and the World Bank Group.

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